SIMON Markets LLC, a Fintech firm transforming the digital wealth management ecosystem for financial professionals through its alternative investment solutions, has shared its volume and usage highlights “underscoring its continued growth during Q2 2021.”
SIMON reports YoY increases in “revenue of +103%, volume of +137%, and usage of +74%, as compared to Q2 2020.”
During the quarter, SIMON entered several commercial partnerships, deployed new enhancements to its platform, and “announced strategic initiatives,” according to a release.
As stated in the announcement:
“Catering to a growing demand for risk-managed and alternative solutions, SIMON is focused on giving financial professionals access to a broad suite of products with powerful analytics and seamless integrations to help make well-informed portfolio allocation decisions.”
During Q2 2021, SIMON further expanded its insurance platform to include variable annuities. The company also “formalized new partnerships with industry leaders Nationwide and FIG, created a portfolio analytics tool for structured investments, and announced [their] entry into the digital asset space,” Jason Broder, CEO at SIMON confirmed.
He added:
“On the back of our Series B capital raise, we have several exciting initiatives on the horizon that will continue to elevate the way we serve our clients.”
SIMON recently raised $100 million in capital through a Series B round in order to support its next growth phase for its digital wealth management platform. SIMON, which spun-out from Goldman Sachs in December 2018, confirmed that its capital raise was led by WestCap along with contributions from existing investors.
SIMON has also introduced variable annuities, which has helped with expanding the Insurtech firm’s marketplace lineup to provide holistic retirement solutions to wealth management professionals.
SIMON provides variable annuities, which is one of the “most flexible” and widely used annuity types, via its Marketplace, “delivering powerful analytics for asset allocation and income solutions.”
In other recent news shared by the company, the Financial Independence Group has reportedly joined SIMON to offer a centralized digital platform for structured investments and insurance products.
Additionally, SIMON has introduced Nationwide as the newest carrier to join its growing Insurtech platform. Financial professionals can now “find, analyze, and implement a range of annuity solutions from Nationwide in SIMON’s centralized Marketplace.”
As previously reported, SIMON is committed “to transforming the digital experience for financial professionals, enabling them to better serve their clients.”
SIMON’s intelligent and innovative platform delivers “an end-to-end digital suite of tools to more than 100,000 financial professionals, who serve $5 trillion in client assets, empowering them with on-demand education, an intuitive marketplace, real-time analytics, and lifecycle management.”
As noted in the announcement:
“With a focus on reshaping the advisor experience, SIMON is setting new industry standards, simplifying the complex, and delivering structured investment, annuity, and defined outcome ETF solutions to investment professionals, centralized within one unique ecosystem.”
Incubated within Goldman Sachs, SIMON launched as an independently operating company in December 2018 “under the shared ownership and direction of seven leading financial institutions—Barclays, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Prudential, and Wells Fargo. Growth equity firm WestCap became an investor in 2021.”
The firm is based in New York, NY, with other offices in Birmingham, AL.
Securities products and services are provided by SIMON Markets LLC, which is a broker-dealer registered with the SEC, Member FINRA / SIPC. Annuities and insurance services are provided by SIMON Annuities and Insurance Services LLC.
